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CONVERGE TECH SLTN CORP (CTSDF) is a services-led, software-enabled IT & Cloud Solutions provider, focusing on delivering cutting-edge solutions across various industries. The company offers advanced analytics, artificial intelligence, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings. Recent achievements include being named Broadcom Software's 2023 North America Fastest Growth Cybersecurity Partner and VMware by Broadcom's 2023 Americas Technical Enablement Partner of the Year. CONVERGE aims to address unique business and technology requirements for clients in the public and private sectors.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has received approval from the Toronto Stock Exchange (TSX) for a Normal Course Issuer Bid (NCIB). The company can purchase up to 18,408,927 common shares for cancellation, representing 10% of its public float. The NCIB will run from August 13, 2024, to August 12, 2025. Converge believes this action reflects the underlying value of its business and future prospects. Purchases will be made on the open market at prevailing prices. The company also plans to enter an automatic share purchase plan (ASPP) with Canaccord Genuity Corp. to facilitate repurchases during blackout periods. Daily purchases are to 113,438 shares, about 25% of the average daily trading volume. Under its previous NCIB, Converge bought back 10,027,500 shares at an average price of $5.0595.
Converge Technology Solutions Corp. (TSX: CTS) (OTCQX: CTSDF) reported Q2 2024 results with gross sales of $1.06 billion, up 11.1% year-over-year. Key highlights include:
- Gross profit increased 2.1% to $179.3 million (27.5% margin)
- Adjusted EBITDA rose 8.6% to $45.1 million
- Cash from operations improved to $52.4 million
- Returned $47.4 million to shareholders via dividends and buybacks
- Reduced net debt by $194 million year-over-year to $157.9 million
The company announced a CEO transition, with Greg Berard assuming full executive responsibilities in 2025. Converge also provided Q3 and FY2024 guidance, projecting revenue of $2.62-2.66 billion and Adjusted EBITDA of $176-184 million for the full year.
Converge Technology Solutions Corp. (TSX: CTS) has announced its participation in the Canaccord Genuity 44th Annual Growth Conference in Boston, MA. This event brings together institutional investors and promising growth companies from various sectors. Shaun Maine (Group CEO), Greg Berard (CEO), and Avjit Kamboj (CFO) will participate in a fireside chat on Tuesday, August 13th, 2024, at 2:30pm ET. The chat will be broadcast live via a webcast link, with a video replay available on the company's IR website afterward. This conference provides Converge with an opportunity to showcase its growth potential to a wide range of institutional investors.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has announced a conference call to discuss its second quarter fiscal 2024 results on Thursday, August 8th, 2024 at 8:00am EST. The call will be hosted by the Converge leadership team, followed by a Q&A session. Financial results will be reported prior to the call.
Participants can join via webcast or dial-in, with international toll-free numbers available. A recording playback will be accessible until August 15th, 2024. Presentation slides and an archive of the call will be available on the company's investor relations website.
Converge Technology Solutions Corp. (TSX: CTS, FSE: 0ZB, OTCQX: CTSDF) has announced the deconsolidation of its subsidiary, Portage CyberTech Inc., effective June 27, 2024. This follows Converge's decision to relinquish its right to majority representation on Portage CyberTech's board pursuant to a June 27, 2024 voting agreement. Concurrently, Portage CyberTech secured a new $15 million credit facility with CIBC, drawing $10 million immediately, with an additional $5 million contingent on achieving future targets. Converge retains a 51% ownership stake and a $25 million long-term loan with Portage CyberTech. CEO Shaun Maine emphasized that this move will allow both companies to pursue independent growth paths.
Converge Technology Solutions (TSX: CTS) was named North America Storage Partner of the Year by Hewlett Packard Enterprise (HPE) during the 2024 HPE Discover conference. This award is part of HPE's Partner of the Year Awards 2024, which recognizes partners for exceptional financial performance, innovative solutions, and significant business results. Converge's CEO, Greg Berard, expressed gratitude for the award, highlighting the successful and ongoing collaboration between Converge and HPE.
HPE’s VP of Worldwide Channel & Partner Ecosystem, Simon Ewington, emphasized the importance of partnerships in delivering successful customer outcomes. This recognition underscores the value that Converge brings to its customers in their digital transformation journeys.
Converge Technology Solutions has been named the Alteryx 2024 Americas Acceleration Partner of the Year. This honor was awarded at the Alteryx user conference, Inspire, as part of the Maveryx Excellence Awards. Converge earned this recognition for its significant contributions in providing impactful data insights to customers over the past year.
CEO Greg Berard expressed pride in the award, highlighting the company's commitment to delivering advanced analytics solutions that drive business outcomes. The accolade underscores the importance of Converge's partnership with Alteryx in helping clients navigate data-driven journeys effectively.
Converge Technology Solutions has announced the election of Gayle Morris and Mary Hassett to its Board of Directors. Gayle Morris brings over 30 years of experience in high-tech computing, software, and networking, having worked at Microsoft, Cisco, BEA Systems, and Dell. Her expertise in market transitions and sales models is expected to be a valuable addition. Mary Hassett, with 25 years of HR leadership experience, currently serves as Senior VP and Chief of Human Resources at Lam Research. Her background in employee engagement and leadership development, particularly from her tenure at Hewlett Packard Enterprise, is anticipated to enhance Converge's strategic priorities and company culture.
Converge Technology Solutions Corp. (TSX: CTS, FSE: 0ZB, OTCQX: CTSDF) announced the results of its annual general and special meeting of shareholders held on June 19, 2024. The 10 nominees elected as directors include Shaun Maine, Thomas Volk, Brian Phillips, Nathan Chan, Ralph Garcea, Darlene Kelly, Toni Rinow, Wendy Bahr, Gayle Morris, and Mary Hassett. Ernst & Young LLP was appointed as the company’s auditor until the next annual meeting. Shareholders also approved the Amended and Restated Employee Share Purchase Plan and the renewal of the Long Term Incentive Plan.
Converge Technology Solutions has been named the 2024 Large Solution Provider Partner of the Year by Arctic Wolf. This recognition underscores Converge's leadership in security practices, executive alignment, revenue growth, and service excellence. CEO Greg Berard expressed pride in the partnership's exponential growth and looks forward to further collaboration. The Arctic Wolf Partner of the Year Awards honor top-performing partners for their contributions to enhancing security operations.
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